Definition
This chart presents Long-Term Holder variants of two classic on-chain metrics:
- LTH Realized Price is the average price of the Long-Term Holder BTC supply, valued at the day each coin last transacted on-chain. This is often considered the ‘on-chain cost basis’ of this cohort.
- LTH MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price) for the Long-Term Holder Cohort. This allows for a visualization of Bitcoin market cycles and the unrealized profitability of this cohort.
Quick Take
- Bitcoin broke down below the LTH cost basis on Feb. 9, which is currently priced at $22,264.
- In all prior bear markets, Bitcoin has broken below this key resistance level on multiple occasions, which can be seen highlighted below.
- This occurred in June 2012, November 2015, and April 2019.
LTH RP & MVRV: (Source: Glassnode)
